Restricted zoning? They build these huge neighborhoods everywhere.
The problem is importing the third world and increasing demand by housing millions of migrants that should have been sent to Israel or else their homelands not ravaged by greedy Jews to begin with.
Alot of the neysayers in here must have forgotten AirBnB rentals and shit is over a 100$Billion$ per year business. So why would rich people buy empty houses? They arent empty all year. They just have no resident living in them full time. Partial time rentals. Blackrock/Blackstone group are doing it all now in the Boston/Providence RI area. Alot of the private residences were picked up by corporations and are being rented out.
They prefer to have less homes available at higher prices because it's less work for the same or more money. Blackrock doesn't operate like normal businesses. They have 10 trillion in assets.
Others suggest ESTA'TE,noun (Latin status) - "fixedness; a fixed condition" as the inversion of a moving reality...ones consent affixes it within ones mind/memory.
Not sure about the whole "billionaires colluding" part of this, but the essence of this post is true. In the last decade, housing has appreciated much faster than the cost of property tax. So much so that it has been better investment to hold onto property and keep it clean than it is to be stuck with bad renters. Combine this with the explosion of airbnb and the like, and suddenly the market demand for housing contains almost as many landlords as it does people looking for a home. Thus the high prices.
A 2008 market correction is in order, but the chances of that happening are iffy. My recommendation is to apply a special tax to vacant properties so that the cost of ownership is high enough to warrant actively finding tenants.
it depends on the state and county. for instance, in California, the property value is assessed when the property is bought. this means there are rich boomers sitting on houses they've owned for 30 plus years, paying taxes on the price they paid for it 30 years ago rather than the current market value.
conversely, in Nevada, the property is reassessed every year, but the amount paid in taxes can only go up by 8%, 3% if the house is owned by the person living in it. barring any sort of housing crash, this effectively means that taxes are increased for property owners by 3% or 8% every year.
if you referring to california, I'm not sure what you're talking about. https://www.yolocounty.org/government/general-government-departments/assessor/assessment-information/when-is-property-reappraised
government websites clearly state that California real property (as opposed to personal property) is basically only reappraised when there's a transfer of ownership. the rest of the time, the property taxes can only increase at a maximum of 2% a year. There's no distinction between primary residence and income property.
If you're referring to nevada, read the rest of my post you dumb idiot. taxes can only go up 8% per year for income properties.
the United States doesn't have a federal property tax, property taxes are paid to the state or county, and each state/county makes their own rules.
I don't know what to tell you except that I know several rich people who do this as part of their long-term investment strategy. they buy the property, let it appreciate, and either sell it at its increased value or take property loans out against it. the properties are traded just like stocks. Oftentimes they might pay to renovate the property to increase its value, but at the end of the day what matters to them is the ownership of the property and not whether or not it's being rented.
if you own property, either your house or any other kind of real property, I highly suggest you familiarize yourself with the property tax rules for your county and State.
These people don’t pay any tax whatsoever. You think Blackrock pays taxes?
People that rich are treated as exempt to taxes. They own the IRS.
Who collect it? I’ll bet rothchild owns them too.
When the appreciation gained is greater than to property tax paid, yes they do.
Kiss my ass Agent Smith.
Restricted zoning? They build these huge neighborhoods everywhere.
The problem is importing the third world and increasing demand by housing millions of migrants that should have been sent to Israel or else their homelands not ravaged by greedy Jews to begin with.
Alot of the neysayers in here must have forgotten AirBnB rentals and shit is over a 100$Billion$ per year business. So why would rich people buy empty houses? They arent empty all year. They just have no resident living in them full time. Partial time rentals. Blackrock/Blackstone group are doing it all now in the Boston/Providence RI area. Alot of the private residences were picked up by corporations and are being rented out.
They prefer to have less homes available at higher prices because it's less work for the same or more money. Blackrock doesn't operate like normal businesses. They have 10 trillion in assets.
This is also why San Francisco passed a tax on longterm empty rentals.
came to post this. SF has a lot of shit ideas, but this wasn't one of them.
this has been done in vancouver and toronto for almost 20 years...(only recently in toronto)
hasnt made a lick of difference ... and its a bad idea...
Others suggest ESTA'TE,noun (Latin status) - "fixedness; a fixed condition" as the inversion of a moving reality...ones consent affixes it within ones mind/memory.
Not sure about the whole "billionaires colluding" part of this, but the essence of this post is true. In the last decade, housing has appreciated much faster than the cost of property tax. So much so that it has been better investment to hold onto property and keep it clean than it is to be stuck with bad renters. Combine this with the explosion of airbnb and the like, and suddenly the market demand for housing contains almost as many landlords as it does people looking for a home. Thus the high prices.
A 2008 market correction is in order, but the chances of that happening are iffy. My recommendation is to apply a special tax to vacant properties so that the cost of ownership is high enough to warrant actively finding tenants.
People hoarding housing like Karen hoarding hand sanitizer during the pAnDeMiC
not true.
it depends on the state and county. for instance, in California, the property value is assessed when the property is bought. this means there are rich boomers sitting on houses they've owned for 30 plus years, paying taxes on the price they paid for it 30 years ago rather than the current market value.
conversely, in Nevada, the property is reassessed every year, but the amount paid in taxes can only go up by 8%, 3% if the house is owned by the person living in it. barring any sort of housing crash, this effectively means that taxes are increased for property owners by 3% or 8% every year.
if you referring to california, I'm not sure what you're talking about. https://www.yolocounty.org/government/general-government-departments/assessor/assessment-information/when-is-property-reappraised government websites clearly state that California real property (as opposed to personal property) is basically only reappraised when there's a transfer of ownership. the rest of the time, the property taxes can only increase at a maximum of 2% a year. There's no distinction between primary residence and income property.
If you're referring to nevada, read the rest of my post you dumb idiot. taxes can only go up 8% per year for income properties.
the United States doesn't have a federal property tax, property taxes are paid to the state or county, and each state/county makes their own rules.
I don't know what to tell you except that I know several rich people who do this as part of their long-term investment strategy. they buy the property, let it appreciate, and either sell it at its increased value or take property loans out against it. the properties are traded just like stocks. Oftentimes they might pay to renovate the property to increase its value, but at the end of the day what matters to them is the ownership of the property and not whether or not it's being rented.
if you own property, either your house or any other kind of real property, I highly suggest you familiarize yourself with the property tax rules for your county and State.